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ESG performance and cost of debt 环境、社会和公司治理绩效与债务成本
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-09-21 DOI: 10.1016/j.cjar.2024.100390
Yongdong Shi , Shijie Zheng , Pengsong Xiao , Hongxian Zhen , Tong Wu
{"title":"ESG performance and cost of debt","authors":"Yongdong Shi ,&nbsp;Shijie Zheng ,&nbsp;Pengsong Xiao ,&nbsp;Hongxian Zhen ,&nbsp;Tong Wu","doi":"10.1016/j.cjar.2024.100390","DOIUrl":"10.1016/j.cjar.2024.100390","url":null,"abstract":"<div><div>We analyze China Securities Index Co., Ltd. (CSI) environmental, social and governance (ESG) scoring data, which incorporate Chinese characteristics, to assess the impact of ESG performance on corporate debt financing costs. Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs. Additionally, improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs. However, this effect diminishes with increased internal control quality and marketization. Governance has the greatest impact on reducing debt financing costs, followed by social and environmental factors. Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry. Economic consequence analysis confirms that lower financing costs, driven by improved ESG performance, significantly enhance total factor productivity and firm value. CSI ESG scores also significantly impact bank loans but not corporate bond financing.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100390"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Overseas operations and corporate financial asset allocation 海外业务和企业金融资产配置
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-08-12 DOI: 10.1016/j.cjar.2024.100388
Shangkun Liang , Yuhao Niu , Sichao Wang , Chun Yuan
{"title":"Overseas operations and corporate financial asset allocation","authors":"Shangkun Liang ,&nbsp;Yuhao Niu ,&nbsp;Sichao Wang ,&nbsp;Chun Yuan","doi":"10.1016/j.cjar.2024.100388","DOIUrl":"10.1016/j.cjar.2024.100388","url":null,"abstract":"<div><div>Using data on Chinese listed companies for 2008–2018, we find that firms participating in overseas operations, proxied by overseas subsidiaries, generally have higher financial asset allocations than other firms. At the micro level, the effects are more pronounced when the parent company faces serious financing constraints, has no overseas returned executives, has a business that is inconsistent with that of its overseas subsidiaries and has overseas subsidiaries that experience losses. At the macro level, the effects are more pronounced when overseas operations are in OECD and Belt and Road countries, or in areas with higher economic or political risks and greater investment opportunities. Financial asset allocation helps mitigate cash flow fluctuations and operational risks for multinational firms. This study advances research on the determinants of financial asset allocation and has implications relevant to the Chinese government’s “Go Global” and Belt and Road strategies and its efforts to realize a developed financial sector to service the Chinese economy.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100388"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Coping strategy of independent directors for job-fulfillment risk under different ownership types and enforced legal environments 不同所有权类型和强制法律环境下独立董事的履职风险应对策略
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-10-10 DOI: 10.1016/j.cjar.2024.100392
Yu Xin , Ying Xin , Xinyi Huang , Liping Xu
{"title":"Coping strategy of independent directors for job-fulfillment risk under different ownership types and enforced legal environments","authors":"Yu Xin ,&nbsp;Ying Xin ,&nbsp;Xinyi Huang ,&nbsp;Liping Xu","doi":"10.1016/j.cjar.2024.100392","DOIUrl":"10.1016/j.cjar.2024.100392","url":null,"abstract":"<div><div>Ownership type, legal system evolution and their interaction significantly affect the incentives and behaviors of independent directors. We use the 2019 <em>Securities Law</em> revision as an exogenous shock to examine how state-owned enterprises (SOEs) versus non-SOEs and their independent directors respond to variations in regulatory compliance risk. Following the revision, SOEs are more likely to purchase directors’ and officers’ liability insurance to provide job security for independent directors. Non-SOEs are more likely to compensate for independent directors’ fulfillment risk by increasing salaries and their independent directors are more likely to resign to avoid litigation risk. The coping strategies for SOEs, non-SOEs and independent directors are dynamic under different compliance risk stages and are affected by firm-level and director-level characteristics.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100392"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does big data tax administration expand bank credit loans? 大数据税收管理能否扩大银行信用贷款？
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-07-10 DOI: 10.1016/j.cjar.2024.100374
Xinwu Li, Zixi Ling, Zhe Li, Liyi Zhu
{"title":"Does big data tax administration expand bank credit loans?","authors":"Xinwu Li,&nbsp;Zixi Ling,&nbsp;Zhe Li,&nbsp;Liyi Zhu","doi":"10.1016/j.cjar.2024.100374","DOIUrl":"10.1016/j.cjar.2024.100374","url":null,"abstract":"<div><p>The application of big data technology to global tax management is becoming increasingly widespread. China has been implementing increasingly mature technologies for tax governance using big data systems in recent years. By collecting data through web scraping on the earliest implementation times of big data tax administration in various provinces of China, we explore the relationship between big data tax administration and corporate bank credit in emerging markets. Our results show that big data tax administration enhances firms’ ability to obtain bank loans. Mechanism tests indicate that big data tax administration improves the quality of corporate information disclosure, facilitating access to bank credit loans. We find that big data tax administration improves the corporate financing environment, enhancing the efficiency of resource allocation in the credit market.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100374"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000327/pdfft?md5=f0a99d0033b1a89f76fa724dfa33c5c1&pid=1-s2.0-S1755309124000327-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141703477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spillover effect of digital transformation along the supply chain: From the perspective of suppliers’ audit fees 供应链数字化转型的溢出效应：从供应商审计费用的角度看
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-05-22 DOI: 10.1016/j.cjar.2024.100363
{"title":"Spillover effect of digital transformation along the supply chain: From the perspective of suppliers’ audit fees","authors":"","doi":"10.1016/j.cjar.2024.100363","DOIUrl":"10.1016/j.cjar.2024.100363","url":null,"abstract":"<div><p>This research contributes to understanding the spillover effect of customer digital transformation along the supply chain. We take a supply chain relationship perspective to explore the influence of customers’ digital transformation on suppliers’ audit fees and find a significant reduction in such fees when customers undergo digital transformation. An economic mechanism analysis reveals that this transformation reduces audit fees by lowering the risks and costs encountered by auditors. This is achieved by mitigating suppliers’ business risks and improving earnings quality. Heterogeneity analysis reveals that the impact of customers’ digital transformation on suppliers’ audit fees is more pronounced when the supply chain is geographically distant, suppliers with more specific investments and with high levels of market competition.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100363"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000212/pdfft?md5=322dbc9f90606710ac9db364a64853cc&pid=1-s2.0-S1755309124000212-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141140919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corrigendum to “Real effects of greenhouse gas disclosures” [China Journal of Accounting Research, 17(2), (2024) 100360] 对 "温室气体信息披露的实际效果 "的更正[《中国会计研究》，17（2），（2024）100360]
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-06-26 DOI: 10.1016/j.cjar.2024.100371
Tong Lu , Lijun Ruan , Yanyan Wang , Lisheng Yu
{"title":"Corrigendum to “Real effects of greenhouse gas disclosures” [China Journal of Accounting Research, 17(2), (2024) 100360]","authors":"Tong Lu ,&nbsp;Lijun Ruan ,&nbsp;Yanyan Wang ,&nbsp;Lisheng Yu","doi":"10.1016/j.cjar.2024.100371","DOIUrl":"10.1016/j.cjar.2024.100371","url":null,"abstract":"","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100371"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000297/pdfft?md5=27b73a147f46b683b2bb0fbeea1e5095&pid=1-s2.0-S1755309124000297-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141962027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The spillover effect of customers’ ESG performance on suppliers’ green innovation quality 客户的环境、社会和公司治理表现对供应商绿色创新质量的溢出效应
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-05-25 DOI: 10.1016/j.cjar.2024.100362
Yani Sun , Yuezhe Shen , Qingmei Tan
{"title":"The spillover effect of customers’ ESG performance on suppliers’ green innovation quality","authors":"Yani Sun ,&nbsp;Yuezhe Shen ,&nbsp;Qingmei Tan","doi":"10.1016/j.cjar.2024.100362","DOIUrl":"10.1016/j.cjar.2024.100362","url":null,"abstract":"<div><p>This study investigates whether and how customer firms’ environmental, social and governance (ESG) performance impacts suppliers’ green innovation quality using a sample of Chinese A-share listed companies from 2009 to 2022. We find that customers’ ESG performance facilitates suppliers’ green innovation quality through green learning and corporate competition. Additional tests indicate that customers with stickier customer–supplier relationships and a more central position in the supply chain network than peers enhance suppliers’ green innovation quality. After categorizing whether customers engage in greenwashing, we determine that those adherence to green principles, genuinely promote suppliers’ green innovation quality. Finally, we find the above effect ultimately enhances suppliers’ environmental performance. This study provides valuable insights for supply chain companies into collaboratively achieving sustainable development.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100362"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000200/pdfft?md5=100efbfef1b4bd6159e463e9fe504cef&pid=1-s2.0-S1755309124000200-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141962026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Media coverage and price reactions to earnings news 盈利新闻的媒体报道和价格反应
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-07-18 DOI: 10.1016/j.cjar.2024.100379
Miao Yu , Hangsoo Kyung , Albert Tsang
{"title":"Media coverage and price reactions to earnings news","authors":"Miao Yu ,&nbsp;Hangsoo Kyung ,&nbsp;Albert Tsang","doi":"10.1016/j.cjar.2024.100379","DOIUrl":"10.1016/j.cjar.2024.100379","url":null,"abstract":"<div><p>In this study, we find that relative to firms with less media coverage, stock price sensitivity to positive (negative) earnings surprises in earnings announcements of firms with greater media coverage is stronger (weaker). This asymmetry in the effect of media coverage on stock price sensitivity to positive versus negative earnings surprises suggests that greater media coverage of earnings announcements intensifies stock price reactions to positive earnings surprises but attenuates reactions to negative earnings surprises. Moreover, we find that negative earnings news is less persistent for firms with greater media coverage. Overall, our findings support the conjecture that greater media coverage increases managers’ incentive to avoid future negative news, thereby reducing the persistence of poor financial performance and weakening price reactions to negative earnings news.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100379"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000376/pdfft?md5=10a1b02fe2d111744a248d7f94e26ae3&pid=1-s2.0-S1755309124000376-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of big data tax administration on corporate ESG—A quasi-natural experiment based on Golden Tax Project III 大数据税收管理对企业 ESG 的影响--基于金税工程 III 的准自然实验
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-07-16 DOI: 10.1016/j.cjar.2024.100378
Jingbo Luo, Jiayi Xu
{"title":"The impact of big data tax administration on corporate ESG—A quasi-natural experiment based on Golden Tax Project III","authors":"Jingbo Luo,&nbsp;Jiayi Xu","doi":"10.1016/j.cjar.2024.100378","DOIUrl":"10.1016/j.cjar.2024.100378","url":null,"abstract":"<div><p>Environmental, social and governance (ESG) practices are pivotal to global sustainability yet face challenges. Based on the implementation of Golden Tax Project III, we find that big data tax administration decreases corporate ESG performance. Mechanism tests indicate that Golden Tax Project III can reduce tax avoidance, cash flow and green innovation, thereby inhibiting ESG through the “taxation effect.” Conversely, the project can reduce agency costs and improve information transparency, thus promoting ESG performance through the “governance effect.” Overall, however, the project inhibits corporate ESG performance. According to further analysis, the negative effect on ESG performance mainly impacts the environmental responsibility (<em>E</em>) element. This paper provides insights relevant to advancing China’s “dual carbon” policy and formulating a “Chinese approach” to global sustainable development.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100378"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000364/pdfft?md5=40793af6a2fd79fcf9a7c0c9a60e1699&pid=1-s2.0-S1755309124000364-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141694590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is audit materiality informative? Evidence from China 审计重要性是否具有参考价值？来自中国的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-01 Epub Date: 2024-06-19 DOI: 10.1016/j.cjar.2024.100373
Lei Zhu , Qianwen Zheng , Yubin Li
{"title":"Is audit materiality informative? Evidence from China","authors":"Lei Zhu ,&nbsp;Qianwen Zheng ,&nbsp;Yubin Li","doi":"10.1016/j.cjar.2024.100373","DOIUrl":"10.1016/j.cjar.2024.100373","url":null,"abstract":"<div><p>To improve the usefulness of audit opinions, on 23 March 2021, the China Securities Regulatory Commission mandated that auditors disclose overall quantitative materiality of consolidated financial statements in special explanations of modified audit opinions. This paper selects Chinese A-share companies issued with modified audit opinions for the period of 2020–2022 as the research sample and analyzes the assessment of materiality in audit practice and the informativeness of audit materiality. Our findings are as follows. (1) The most commonly used bases for materiality by auditors are profit and income, with considerable differences in the percentages applied to the different bases and variations even within the same base. (2) The higher the materiality amount, the poorer the audit quality. This negative correlation is mainly observed in scenarios where the audited companies engage in downward earnings management and where the competency of audit firms or auditors is relatively low. (3) Companies that disclose quantitative materiality in the special explanations of modified audit opinions have a lower earnings response coefficient than companies that do not disclose audit materiality. This research sheds light on the “black box” of the audit process and verifies the information value of audit materiality. The conclusions are of significant value to auditing standard-setters, investors and regulators.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100373"},"PeriodicalIF":1.9,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000315/pdfft?md5=9839298c039c85ddd4fd1c3b87950d85&pid=1-s2.0-S1755309124000315-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141961965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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